IGO Interactive Annual Report 2019

DIRECTORS’ REPORT—REMUNERATION REPORT 30 JUNE 2019 SECTION 4. NON-EXECUTIVE DIRECTOR REMUNERATION The remuneration of Non-executive Directors is determined by the Board within the maximum amount approved by shareholders in general meeting. Non-executive Directors are not entitled to retirement benefits other than statutory superannuation or other statutory required benefits. Non-executive Directors do not participate in share or bonus schemes designed for Executive Directors or employees. TOTAL REALISED EARNINGS Name Year Cash fees $ Superannuation $ Total $ Debra Bakker 2019 123,288 11,712 135,000 2018 115,297 10,953 126,250 Peter Bilbe 2019 210,046 19,954 230,000 2018 215,373 20,460 235,833 Peter Buck 2019 123,288 11,712 135,000 2018 123,288 11,712 135,000 Geoffrey Clifford 2019 118,721 11,279 130,000 2018 121,385 11,532 132,917 Keith Spence 2019 123,288 11,712 135,000 2018 123,288 11,712 135,000 Neil Warburton 2019 109,589 10,411 120,000 2018 109,589 10,411 120,000 Total non-executive director remuneration 2019 808,220 76,780 885,000 2018 808,220 76,780 885,000 The remuneration of Non-executive Directors is fixed to encourage impartiality, high ethical standards and independence on the Board. The available Non-executive Directors’ fees pool is $1,500,000 which was approved by shareholders at the Annual General Meeting on 16 December 2015, of which $885,000 was being utilised at 30 June 2019 (2018: $885,000). Non-executive Directors may provide additional consulting services to the Group, at a rate approved by the Board. No such amounts were paid to Directors during the current or prior year. In FY19 the Board resolved, for a third consecutive year, not to increase Non-executive Directors’ fees. There was market evidence to support an increase to the remuneration for the Chairman for FY19, however the Board resolved not to make any adjustment to the Chairman’s remuneration for FY19. For FY20 the annual benchmark review of Board fees indicated reasonable grounds for a review of Board remuneration. Based on market data from both the IGO peer group and the market more broadly the Board has approved an increase to the remuneration for both the Chairman and Committee Chairs, however has resolved not to make any adjustment to Non-executive Director base remuneration for FY20. Details of Non-executive Director fees are as follows: Approved 2020 30 June 2019 30 June 2018 Non-executive Director base fees Board Chairman 250,000 230,000 230,000 Board Member 120,000 120,000 120,000 Board Member Committee Fees Chair Audit Committee 20,000 15,000 15,000 Chair People & Performance Committee 20,000 15,000 15,000 Chair Sustainability & Risk Committee 20,000 15,000 15,000 Chair Nomination & Governance Committee 20,000 10,000 10,000 Committee Members Nil Nil Nil 54 — IGO ANNUAL REPORT 2019